Wuhan Iron and Steel (Group) Corp., or WISCO, one of the leading iron and steelmakers in China, announced today that it plans to issue RMB 2 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on 16 June.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building. Both value date and payment due date is 14 June and the to-be-issued notes tradable on 15 June.

China Chengxin International Credit Rating Co. Ltd. has rated the issuer and notes AAA and AAA, respectively.

Industrial and Commercial Bank of China has been hired as book-runner and lead underwriter for the offering, and Shanghai Pudong Development Bank will be joint lead underwriter.

Proceeds from the deal will be used to replenish the group's working capital.

The steelmaker plans to issue RMB 5 billion of medium-term notes in the third quarter and 4 billion medium-term notes in the first quarter of 2013.